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4 Easy Steps to Give your Savings a Boost

Categories: Finance Online
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teenage girl posing with piggy bankAre you tired of living from paycheck to paycheck and literally having 0 dollar in your savings account? Well, today, we are going to change that up, as we are giving you four easy steps to do so that you can turn your life around, save lots of cash in the future, and finally get to put them in your chosen CT bank.

Step 1: Track your Spending

List every little thing that you spend on and keep track of it regularly. Yes, that includes even the smallest things – pens, gasoline for your car, clothes, shoes, and even candies!

Being self-aware of your spending and seeing where your hard-earned money is going will help you be more conscious of your spending habits.

Step 2: Keep your Budget Realistic

Setting a very small amount of budget each week or month will only frustrate you and make you want to spend more money than planned. Instead, make sure to compute all of your bills that you have to pay, your daily spending, your wants and needs, and make a budget around that.

The extra money that you will have on hand you can contribute to your savings account.

Step 3: Invest your Money

Instead of spending all of your money away on things that you do not actually need, why not invest it somewhere worthwhile? Investing your money is a great way to double, or even triple, your savings. You just have to make sure to invest in all the right things – research is definitely the key to this.

Step 4: Keep it in the Bank

Get a savings account for yourself and ask your bank never to allow you to withdraw it until a certain time (which should both be decided upon by both parties). Keeping it safe in a bank of your choice will force you to keep putting money in, as well as prevent you from withdrawing it anytime you want.

Added bonus: you get a certain amount of interest on your money!

Saving money may not be fun, and it can be difficult, but once you reap its benefits after a few years, you’ll be thankful that you did it!